Home Economy Old Mutual suspends CEO Peter Moyo after a “breakdown in trust”

Old Mutual suspends CEO Peter Moyo after a “breakdown in trust”

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Old Mutual has suspended its CEO Peter Moyo over an apparent breakdown in trust.

The board decided that “there has been a material breakdown in trust and confidence between him and the board”.

Old Mutual has suspended its CEO Peter Moyo over an apparent breakdown in trust.

The board decided that “there has been a material breakdown in trust and confidence between him and the board”.

Moyo, who is the CEO of Old Mutual Limited and Old Mutual Life Assurance Company Limited, will be replaced by Iain Williamson, who will act in his capacity.

Old Mutual Chairperson Trevor Manuel wrote to staff that Moyo’s suspension is not related to performance, but “as a result of a conflict of interest matter related to [Moyo’s] personal interests”.

Moyo rejoined Old Mutual in June 2017 as CEO of Old Mutual Emerging Markets, and later of Old Mutual, having left in 2005 to take over at Alexander Forbes. He is also a Nedbank Group Ltd. board member.

Old Mutual fell as much as 6% at the start of trade, the most since its Johannesburg listing in June 2018, and was 3.5% lower at R20.95 at 9:18am.

The company’s stament read: “Shareholders are advised that the board has had various engagements with Mr Peter Moyo… These engagements have caused the board to conclude that there has been a material breakdown in trust and confidence between him and the board.

“As a result, the board has suspended the chief executive officer with immediate effect. Iain Williamson, chief operating officer will assume the role of acting chief executive officer.”

 

 

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